Green Optics그린광학

Green Optics has a small profit on ₩41.8B of trailing revenue, but its shares have fallen sharply since its November 2025 listing and free cash flow is deeply negative.

Green Optics is a Korean precision optics maker supplying defense, display, semiconductor inspection and aerospace customers, and it says it is the only domestic zinc sulfide producer in Korea. Trailing twelve-month figures to H1 2026 show revenue of ₩41.8B, operating income of ₩2.2B and net income of ₩2.0B, with borrowings of ₩17.6B against ₩2.9B of cash. The share price closed at ₩10,550 on 2026-10-23, far below its 52-week high of ₩55,000 and close to its 52-week low of ₩10,070.

What stands out

• Trailing operating margin is 5.3% and net margin is 4.9%, but ROE is only 3.1%.
• Trailing free cash flow is about -₩18.9B, which is large relative to revenue and is not explained in the data.
• Borrowings of ₩17.6B are well above cash of ₩2.9B, and liabilities are 58.3% of equity.
• The valuation is 60.3 times trailing earnings and 1.8 times book, with no dividend, while peers range from 13.2 to 71.9 times earnings.
• Filings include two major sales or supply contracts (one in June 2026 and one in August 2026), but their size and terms are not given in the data.
• Foreign ownership fell from 6.2% to 5.3% over about 60 days, and foreign and institutional investors were net sellers over the last 20 days while retail investors were net buyers.

What to watch

• The half-year report for June 2026 was filed on 2026-08-14; the data does not include its detailed results or cash flow breakdown, so check the filing itself.
• The data does not include any news headlines, so the reasons for the recent share price decline are not visible here.
• Negative free cash flow alongside rising borrowings is a risk named by the figures; watch whether the company can fund operations and the contracts it has announced.